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Event Transcripts Are Based, Companies May Make Projections Or Other Forward-Looking Statements Regarding a Variety of Items FINAL TRANSCRIPT Conference Call Transcript HBC - Interim 2010 HSBC Holdings plc Earnings Conference Call Event Date/Time: Aug 02, 2010 / 10:00AM GMT 1 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us © 2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. FINAL TRANSCRIPT Aug 02, 2010 / 10:00AM GMT, HBC - Interim 2010 HSBC Holdings plc Earnings Conference Call CORPORATE PARTICIPANTS Stephen Green HSBC Holdings plc - Group Chairman Michael Geoghegan HSBC Holdings plc - Group Chief Executive Douglas Flint HSBC Holdings plc - Chief Financial Officer, Executive Director Risk and Regulation Sandy Flockhart HSBC Holdings plc - Chairman, Personal and Commercial Banking and Insurance Stuart Gulliver HSBC Holdings plc - Chairman, Europe, Middle East and Global Businesses Peter Wong HSBC Holdings plc - Chief Executive, The Hongkong and Shanghai Banking Corporation Russell Picot HSBC Holdings plc - Group Chief Accounting Officer Ian Mackay HSBC Holdings plc - Chief Financial Officer, Asia Pacific CONFERENCE CALL PARTICIPANTS Alistair Scarff Bank of America-Merrill Lynch - Analyst Ian Smillie RBS - Analyst Alastair Ryan UBS - Analyst Sunil Garg JP Morgan - Analyst Ian Gordon Exane BNP Paribas - Analyst Tom Rayner Barclays Capital - Analyst Simon Samuels Barclays Capital - Analyst Arturo de Frias Evolution Securities - Analyst Stephen Andrews UBS - Analyst Roy Ramos Goldman Sachs - Analyst Leigh Goodwin Citigroup - Analyst Robert Law Nomura - Analyst Michael Helsby Bank of America-Merrill Lynch - Analyst PRESENTATION 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us © 2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. FINAL TRANSCRIPT Aug 02, 2010 / 10:00AM GMT, HBC - Interim 2010 HSBC Holdings plc Earnings Conference Call Stephen Green - HSBC Holdings plc - Group Chairman Well, ladies and gentlemen, good afternoon here in Hong Kong, good morning in London, and welcome to HSBC's 2010 interim results presentation. Mike and I are continuing to take -- to carry on the tradition of taking turns between London and Hong Kong. And it's my turn to be in Hong Kong, and it's a very great pleasure to be back here. It's an approach which we find is proving valuable for both of us, by giving us insight into the thinking amongst key investors and media, analysts in our two most important markets. I hope you find it valuable too, by giving you regular access and contact to both of us. With Mike in London are Douglas Flint, Chief Financial Officer, Executive Director Risk and Regulation; Sandy Flockhart, Chairman, Personal and Commercial Banking and Insurance; and Stuart Gulliver, Chairman, Europe, Middle East and Global Businesses. With me here in Hong Kong are Peter Wong, the Chief Executive of the Hong Kong and Shanghai Banking Corporation; Ian Mackay, Chief Financial Officer, Asia Pacific; and Russell Picot, Group Chief Accounting Officer. In a moment, Douglas is going to take us through the performance for the half-year in more detail. Mike will then talk about how we are building the business for the future. But before that, I'd like to say a few words about the headline numbers. As always, please take a minute to read the forward-looking statements on the screen. And for the avoidance of doubt, though I hope I don't need to say this, the dollar figures that we use today are US dollars unless otherwise stated. So, the headline results. Reported pre-tax profits more than doubled, to $11.1b. Reported PBT ex the fair value of our own debt up, just over $10b, 34%. Underlying basis, the performance also strongly ahead, with pre-tax profits up 30% to $9.6b. It is, I believe, a testament to the broad diversification of our business and the quality of our portfolios that HSBC has delivered such a strongly improved performance in the first half. The results reflect a significant improvement in our retail businesses, driven in large part, but not entirely, by lower loan impairment charges. They are also supported by another very strong performance in GBM, which is actually second only to the first half of last year, a record other than the first half of last year. Loan impairment charges fell to their lowest levels since the start of the financial crisis, reflecting the more stable economic conditions and our deliberate actions which were begun before the crisis, to reposition certain portfolios and maintain underwriting standards. And during the first half of the year we grew lending in all regions, more than offsetting the impact of the run-off in the US. We are selectively adding assets in our target segments, in emerging regions and in developed markets where we have scale. Turning to capital, maintaining our capital strength is of course absolutely fundamental to our banking philosophy, and so we continued to enhance our core Tier 1 ratio, which increased to 9.9%. Finally, we are proud of our track record as one of the industry's leading dividend payers, and the first half was no exception. Total dividends declared for the period of $2.8b, in line with our dividend policy. And, Douglas, now over to you for the detail. Douglas Flint - HSBC Holdings plc - Chief Financial Officer, Executive Director Risk and Regulation Stephen, thank you very much. This slide sets out our results on a reported basis. And the takeaways from this slide are lower revenues, and we'll come back to this later; very significantly reduced loan impairment charges; the turnaround again in the fair value of our own debt credit spread movement, a gain in the first half of this year, versus losses in the two prior halves; and expense growth that was high against inflation, and again we'll return to this later. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us © 2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. FINAL TRANSCRIPT Aug 02, 2010 / 10:00AM GMT, HBC - Interim 2010 HSBC Holdings plc Earnings Conference Call Turning to the reconciliation from reported results to underlying profits, this slide sets out the major elements apart from foreign exchange translation. Apart from the fair value movement of own debt credit spreads, which you can see were significant, the adjusting items relate to $126m of net disposal gains and $250m of accounting gains arises from changes in the stakes we hold in two associates. But then, within underlying results, there are of course a number of items that we draw out, to assist you in looking at operating trends. Comparing the first half of 2010 with the prior-year period, in Global Banking and Markets the impact of legacy position write-downs and impairment of AFS securities improved by $1.5b. In a number of areas, we've economic hedges which don't qualify for hedge accounting, leading to an accounting asymmetry but no economic impact. These expire with zero profit and loss, but do generate offsetting profits and losses over their lives. And you can see this clearly with the gain of $1b last year and a loss of $1.1b in the current period. We had lower pension curtailment and settlement gains. And the bonus tax impact, together with those, was $0.7b. And these were the principal reason for underlying cost growth in the period. Finally, on the tax line, we sold HSBC Canada out of the US Group to the UK. The profit eliminates on consolidation, but the tax on what is a taxable transaction remains. However, we will offset the gain with losses in the United States, so there is no current cash impact. So, turning to results on an underlying basis, profit before tax was 30% ahead of the prior period, driven by lower impairment charges. These were close to half the level of the prior period, and more than offset lower revenues and modestly higher expenses. If we turn to revenues, this slide highlights, on the retail side, the significance to lower revenues of the run-off of the PFS portfolios, particularly in the US, but also in the Middle East and Latin America. You can also see clearly that Commercial Banking revenues generated good growth. And we had decent growth in European PFS, which was driven by increased mortgage lending in the UK. The revenue picture in Global Banking and Markets illustrates the benefit of diversified product lines. Foreign exchange and rates businesses couldn't repeat the exceptional performance of last year. And revenues and balance sheet management were lower, as we forecast. Partially offsetting these impacts were higher revenues from a growing equities business, from transactional services, asset management, asset and structured finance, and a better performance in principal investments. But the key takeaway from the slide is that although revenues were lower than the exceptional first half of last year, they were in fact the second highest that Global Banking and Markets business has delivered. If we compare the current period with the second half of last year, the significant movement remains the fall in loan impairment charges, but revenue decline and cost growth were lower. And as a result, underlying profit before tax was 61% ahead of the trailing half.
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